NYSE Arca moves to convert Grayscale's XRP trust as firms push for SEC signoff

Quick Take

  • NYSE Arca posted a 19b-4 filing to convert Grayscale’s XRP trust to a spot crypto ETF. 
  • Several firms are vying for a wide array of crypto ETFs, from ones tied to Dogecoin and President Donald Trump’s memecoin to others based on XRP, Litecoin and Solana.

A subsidiary of the New York Stock Exchange made its move on Thursday to convert Grayscale's XRP Trust to a spot exchange-traded fund.

NYSE Arca posted a 19b-4 filing to convert that trust and said Coinbase Custody Trust Company, LLC would be the custodian and the administrator and the transfer agency is expected to be BNY Mellon Asset Servicing. 

"The Trust is one of the world’s largest XRP ('XRP') investment funds by assets under management as of the date of this filing," according to the filing. "The Trust has approximately $16.1 million in assets under management, and its Shares are held by American investor accounts seeking exposure to XRP without the cost and complexity of purchasing the asset directly."

A 19b-4 filing, done by exchanges on behalf of issuers, is the second part of a two-step process for proposing a spot crypto ETF to the U.S. Securities and Exchange Commission.  Once acknowledged by the SEC, the filing will be published in the Federal Register, initiating the agency's approval process.

Several firms are vying for a wide array of crypto ETFs, from ones tied to Dogecoin and President Donald Trump's memecoin to others based on XRP, Litecoin and Solana. Under a new administration, the SEC is expected to take a friendlier approach to crypto; presumably, firms are looking to see if other crypto ETFs could garner approval. 

The SEC previously approved the listing of Bitcoin ETFs in January 2024 and, later that year, Ethereum ETFs.


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

TAGS
SEC

About Author

Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.

Editor

To contact the editor of this story:
Lawrence Lewitinn at
[email protected]

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on